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Pinnacle Foods Inc Completes Acquisition of Wish-Bone Salad Dressings From Unilever PLC; Reaffirms FY 2013 EPS Guidance

Tuesday, 1 Oct 2013 11:36am EDT 

Pinnacle Foods Inc announced that it has completed the previously-announced acquisition of the Wish-Bone salad dressings business from Unilever PLC for $575 million in cash, subject to a customary post-closing inventory adjustment. The acquisition was funded through a combination of cash on hand and new debt. The new debt consists of a $525 million term loan, due 2020, with terms and pricing consistent with the Company's existing term loan. Pricing for both term loans is LIBOR (subject to a floor of 0.75%) plus an applicable margin of 2.50%, and both term loans carry the same 0.25% interest rate step-down feature. In addition, Pinnacle also reaffirmed its consolidated EPS outlook for the fiscal 2013 of $1.53-$1.57. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $1.55 for fiscal 2013. 

Company Quote

0.13 +0.37%
24 Dec 2014